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  • The Seven Floats of the Bush-Obama Borrow-Bailout Parade

    bailoutparade.jpg

    In less than a week, the city of New Orleans will begin celebrating Mardi Gras including over 20 different parades in a ten day span. Come Fat Tuesday though, all the parades will be over and revelers will have to wait another year before they can try and grab throws from the passing floats. The American taxpayer is not so lucky. For over a year we have been paying for a parade of bailouts which, despite President Barack Obama’s promise of change, doesn’t seem to have an end in sight. A quick recap of the boondoggles so far, and those around the corner, include:

    The Stimulus, February 9, 2008 – At a bush league price of only $168 billion, Speaker Nancy Pelosi (D-CA) and Majority Leader Harry Reid (D-NV) passed, and President Bush signed the first measure that economists assured us would save the economy. The core of the bill was tax rebate checks for more than 111 million U.S. households (a carbon copy of the tax cuts in Obama’s current stimulus plan). Also in the bill thanks to hard lobbying from Pelosi: increased limits on the size of mortgage loans that Fannie Mae and Freddie Mac could buy. Remember when the left still thought government could keep the bubble from bursting?

    The Housing Bailout, July 30, 2008 – A bill that David Broder praised as proof that “Congress Works“, the ’08 housing bill again increased the limit on size of the loans Fannie and Freddie could buy, put taxpayers on the hook for an increased $300 billion in new FHA lending authority, cut local governments a check for $3.9 billion to buy foreclosed properties, and provided $15 billion in temporary tax breaks for home buyers. Oh … and it also gave the Treasury Department the authority to buy Fannie and Freddie stock … but don’t worry … those government sponsored entities could never fail.

    TARP I: The First $350 Billion, October 3, 2008 – Originally sold to the American people as an acutely targeted program to rid the financial sector of toxic mortgage assets, the Troubled Asset Relief Program quickly lost all coherence. First the money was used to inject capital into select U.S. banks, but then Secretary Hank Paulson announced he would purchase stock in non-bank financial firms and provide federal financing for investors in securities backed by consumer debt such as car loans, student loans, and credit cards. The last of the first $350 billion was swallowed by the failing auto giants General Motors and Chrysler.

    TARP II: The Second $350 Billion, January 15, 2009 – Following the required formal request from Treasury Secretary Henry Paulson, the Senate failed to stop the second $350 billion TARP funding mere days before President Obama was sworn in. The world is waiting with bated breath to find out how Tax Cheat Timothy Geithner plans to blow his first $350 billion, but already his plans have been all over the place. Early in January, Geithner made it clear his plans would be as incoherent as Paulson’s, promising to “broaden its scope … to municipalities, small businesses, homeowners and other consumers.” Now Geithner is singing a tune closer to Paulson’s original vision including more government purchases of bank equity, with strings attached, including loan modification programs. We’ll see what happens.

    The Mother of All Stimuli, sometime next week, 2009 – Already clocking in at over $1.34 trillion over ten years, Obama’s Trillion Dollar Debt Plan is Bushonomics on steroids. The bill is a straight forward attempt to permanently redistribute spending and power away from the private sector and toward government at the cost of trillions of dollars in tax dollars from our children.

    TARP III: The Tax Cheat Returns, ???, 2009 – Few people know exactly what Geithner will announce tomorrow, and nobody knows if Geithner will keep his word. But everybody expects that whatever he outlines will eventually require more money. The New York Times reports that the effort”will almost certainly entail a far bigger commitment of taxpayer dollars than the $350 billion left from last year’s $700 billion effort to right the system, and probably far more than the stimulus package.“So after Obama gets his $1.34 trillion, expect Geithner to be passing the plate around again.

    The Housing Bailout II, ???, 2009 – Could the Obama Administration really come to the American people asking for more deficit spending after a $1.34 trillion stimulus and a $??? trillion TARP Bailout? Yes they can! The New York Times reports: “And the final part, which Mr. Obama is not expected to announce for days, involves spending billions of dollars more to prevent home foreclosures, for fear that the displacement and anger created by throwing people out of their homes, and putting more properties onto a glutted market, will create a psychological and financial death spiral.”

    Posted in Ongoing Priorities [slideshow_deploy]

    15 Responses to The Seven Floats of the Bush-Obama Borrow-Bailout Parade

    1. Justin C. Hoff Almen says:

      I have a solution to the stimulus troubles. The rebate thing doesn't work because people don't always spend it. If everybody got a "Visa stimulus card " with $5,000 or whatever number is needed with a 90 day expiration on the card it would work. There is no plan that comes close to this in speed or efficiency of affecting the economy. People will spend or it goes back to the Treasury. Because of internal codes on cards you can even control what types of businesses can accept these cards so you can get specific on where the money is spent. This should be the bulk of any plan that gets voted on. It will work.

      Warmest Regards,

      An Average American

    2. Rich from nutley says:

      Is anyone going to remember that Obama was one of the architects that started this horrific economic disaster we have today? It would seem that everyone has forgotten how ACORN back in '94 during the good ol' Clinton years, was able to force their way through the Washington Hilton chanting "Nuke Newt" just because he & the Republican lead house, were going to meet there & discuss how to overhaul and put more regulations on the Community Reinvestment Act. An act that went totally out of control because ACORN was able to force banks to accept ALL THE TOXIC PAPER that we now know as bad mortgages! They got so much momemtum that they got the democrats to convince Fannie Mae & Freddie Mack to accept all these bad loans as well! All this because of the help of a then novice "community" leader & lawyer in Chicago named Barack Obama, who trained them how to protest or as he would put it, "Get in their faces". Let's not forget how this little "community" leader and the lawfirm he worked for, then took CitiCorp to court and won, so that CitiCorp would have to accept these bad mortgages from minority people that could NEVER have been able to pay it back! Now this country is paying for these horrible mistakes not only by electing this incompetant "community" leader as the new president of this nation, but letting him get away with the monster mistake he helped create with the backing of ACORN and democrats who now control Freddie and Fannie Mae!

    3. King Robert (IV) New says:

      I need visual aids.

    4. Tricia Tellez Giron, says:

      Yes, Justin, I think your plan might work.However, I don't believe the democrats are looking for a way to stimulate the economy. They only want to push through their Socialist agenda.

    5. Marshall Hill-Michig says:

      While the Kool-aid crew talks about how to make us

      beholding to the Democrat Party,by generating their best Plans for Failure of our Economy,one is

      on his Blackberry for more direction!

    6. Norm from Norman (re says:

      Good job Rich! I wish that article good be posted in every newspaper in the Country.

    7. Chris---------- Cinc says:

      How did we (the American people) ever allow this to happen? Is the bias media really to blame ? They led alot of people to believe this guy and the Demacrat controlled House and Senate were the saviors for our great country. WHAT A SHAM !!

    8. J. Jolene Atkins says:

      Thank you, Rich! I, too, wish your comments could be posted America wide!! I still don't understand where Americans were during the campaign. If they would have "Listened" to Obama, they might have heard what was coming. But, no!

      The news media and Hollywood made him a super star in the eyes of many people, while they smeared and sneered at any opposition to him. Now, look at where we are – Under Socialist leadership. A very sad day for America. Now we may even lose our Sovereignty. Will we ever have America back again? There were a number of us that did not vote for Obama's changes. And while we should still respect the presidency, he and his fellow Democrats still should still respect the fact that he is to represent ALL of the people of America and not just his chosen few.

      Our Republican Congressmen should have a right to interject the ideas that represent us; that is not being allowed. Who worked on the stimulus with Queen Pelosi and Harry Reid – three Republicans who should not even be called Republicans. The Stimulus was and is a very bad thing. If Nancy Pelosi cannot bear to hear all sides of issues and work in a bipartisan fashion, she needs to resign.

      Hey! Rich! Let's not ever let them forget who started this thing. I really appreciate receiving your concise information.

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    10. Michael , Alpharetta says:

      Rich is exactly right! Obama, in concert with Barney Frank, Chris Dodd and other members of the congessional black caucus bullied everyone who tried to call attention to the forthcoming Fannie and Freddie debacle that resulted in the housing bubble bursting. Nothing short of gangster, strong arm tactics have been in play for years. When are the conservative republicans going to learn to hit back? When are they going to believe strongly enough in conservative principals to fight for them? Or will they by their lack of resolve remain complicit?

    11. Jennifer Wooley, Sal says:

      Last night there was a brief infomercial on my television. All it was, was the National Grants Organization posing itself off as the new "Obama bail out"

      I listened to the infomercial and was much misled as well as possibly a misinterpretation of what the message was saying.

      I believed the infomercial to be genuine because of the fact that it masked its true identity with "Obama's bail out". The operator I spoke with gave me information that was inaccurate based on the web site I was directed to. I believed to hear the commentators on television announce how for the first time even the seven books of literature affiliated with this Obama seminar were going to be handed out for free. I also asked the operator, with whom I'm sure was not qualified to answer my questions with accuracy, but when I asked about homes that had already been lost due to the high interest Fanny Mae mortgages and the high rate of consumer debt credit cards, if this program could benefit us and help us in obtaining a new home. I was told yes. The web site says differently. The website also stated that the learning books affiliated to the seminary were available at an undisclosed fee.

      How is it that a National Grants proposal that was offered 10yrs ago and failed can now be represented and masked as the new "Obama bail out"?

      If this advertisement is being presented to the public through forms of media as the new Obama bail out, and is not officially being backed or sponsored by President Obama's administration then I find it appalling that such underminded scam work can continue to go on and frauduantly fool the country.

      If indeed it was backed by the Presidents administration then the whole Obama bail out program is nothing more that a re iterated scam in itself…

      This Seminar offered by the National Grants organization is quite disturbing and its scam techniques should definately be brought to both the medias and federal investigators attention.

      I so hope this was not a mask on the Presidents part to makes fools of our country. That would make me feel such an embarrassement for my country. Let’s hope that it was just a masked scam on the pocketeers of the National Grant Association.

      Now I am not an educated woman, so I hope my lack of grammar and spelling has not been offensive to anyone. However I do hope that the message was loud and clear…

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    15. billy37 says:

      Obama has to bailout the banks, and send more troops to war, when can we bring our boys back and put the budget to better use, here’s an article with the latest.

      http://ketiva.com/Politics_and_Government/whats_w

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